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Scottish Business Briefing - Thursday December 13
HMV: warnings of "probable" breach of banking agreements
WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
INDUSTRY
Wood Group sees “good growth” ahead
Wood Group says conditions in the energy markets it provides services to remain “favourable” and it should deliver “good growth” this year. In a pre-close trading update, the Aberdeen-base firm said its engineering division should increase its underlying profits by more than 30 per cent in 2012. (Scotsman)
Turner & Co enjoys a historic year amid profits lift
Turner & Co, Glasgow’s family-owned industrial conglomerate, has marked its centenary year with a strong rise in pre-tax profits, according to accounts just lodged at Companies House. But the group which does 90% of its business in the UK sees little sign of any improvement in the economy.
Read all today’s industry news from scotsman.com
FOOD, DRINK & AGRICULTURE
Profits at Food firm Macphie increase to £2m
MACPHIE of Glenbervie, the family-owned Scottish food company, achieved a sharp rise in underlying trading profit from £1.6 million to £2m in its last financial year to March as turnover edged higher. (Herald)
Read all today’s food, drink and agriculture news from scotsman.com
RETAIL
HMV warns it may breach bank agreements
HMV has warned of a “probable” breach of its current banking agreements next month, as continuing tough trading conditions mean the business faces “material uncertainties”. The troubled music, films and games retailer gave the warning as it reported another fall in sales. Its sales for the six months to 27 October were £288.6m, down 13.5% from a year earlier. The pre-tax loss was £37.3m, compared with a £48.1m loss last year. (BBC)
Read all today’s retail news from scotsman.com
TRANSPORT
Stagecoach vows to fight break up of New York tour operation
SHARES in Sir Brian Souter’s Stagecoach transport group slipped into reverse on Wednesday after the firm vowed to fight a law suit seeking to break up its sightseeing bus company in New York City. (Scotsman)
Read all today’s transport news from scotsman.com
TECHNOLOGY
Omega gets £1m to expand factory
Medical testing kit maker Omega Diagnostics has secured £1 million from its bankers to expand its manufacturing capabilities.
The Alva-based firm said it would extend its overdraft to £1.7m, on the same terms as a £700,000 facility agreed in May.
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Friday 24 May 2013
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